(MENAFN- Daily Forex) Bearish View
Sell the BTC/USD pair and set a take-profit at 100,000. Add a stop-loss at 110,000. Timeline: 1-2 days.
Bullish View
Buy the BTC/USD pair and set a take-profit at 110,000. Add a stop-loss at 100,000.
Bitcoin price remained in a tight range a
crypto investors waited for more actions from the Donald
trump administration. The BTC/USD pair traded at 104,450 on Thursday morning, a few points lower than the all-time high of over 109,000.
Trump has already made several actions seen as supportive for the
crypto industry. He pardoned Ross Ulbricht, the founder of Silk Road, who was serving a life sentence for starting and running the company.
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Trump also named Mark Uyeda to be the acting head of the Securities and Exchange Commission (SEC) before Paul Atkins vetting. Uyeda is known for his bullish sentiments about the crypto industry.
However, Trump has yet to sign an executive order on the crypto industry, as some analysts expected. He has yet to announce whether he will approve a Strategic Bitcoin Reserve (SBR) for the US government.
Bitcoin has also wavered as the American stock market continued to surge ahead amid Trump's optimism. The Nasdaq 100 index rose by 280 points, while the Dow Jones and the S&P 500 indices jumped by 135 and 50 points, respectively.
The US dollar has also softened slightly, moving from this month's high of $110 to $108 today. Bitcoin often performs well when the US dollar is easing against other currencies. US bond yields have also eased a bit, with the 10-year falling to 4.6% and the 30-year retreating to 4.82%.BTC/USD technical analysis
The daily chart shows that Bitcoin has bounced back after bottoming at $89,095 on January 13 to the current $104,200. It has moved above the Ichimoku cloud indicator and the 50-day Exponential Moving Average (EMA).
The BTC/USD pair has moved above the 23.6% Fibonacci Retracement. It remains slightly below the middle line of the Andrew's pitchfork tool. On the negative side, the pair has formed a double-top chart pattern whose neckline is at 89,000. A double-top is made up of twin peaks and is often a strong bearish view.
Therefore, the pair will likely have a bearish breakdown unless it remains below the double-top point at 108,395. Such a drop may have the coin to drop to the psychological level at 100,000. On the flip side, a move above the double-top at 108,400 point will invalidate the bearish view and point to more gains to over 110,000.
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